Shares of Snap Inc. (SNAP US) are up 10% in early trading after a longtime bear analyst at BTIG upgraded the stock to BUY on the back of better advertising revenue expectations for the company.
Real-time short interest is currently: 117.41 million shares / 18.06% of float / $1.18 billion at risk.
Short sellers have covered close to 30 million shares (or 20% of outstanding positions) since the Q4 earnings call in February, after the company handedly exceeded revenue expectations.
Bearish speculators were down $609 million year-to-date at the start of trading today.Â Â With todayâ€™s share price surge, they are now staring at an additional single day paper loss in excess of $100 million.
Snap is the #3 most shorted US-listed equity by notional exposure within the Interactive Media & Services Sub Industry.Â FANG members Facebook and Alphabet/Google rank #1 and #2, respectively.
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Director – Securities Finance, S3 Partners, LLC
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